Resimax’s Mernda Rise development is among those where buyers can get financial coaching to break into the market.
Olympic gold medallist Steve Hooker has urged tenants to seize the COVID-19 lockdown as a chance to break free of renting.
Hooker pole vaulted his way to gold at the 2008 Beijing Olympics and is now chief executive of Resimax — one of a handful of Melbourne developers pairing prospective buyers with savings coaches.
As Melbourne came out of lockdown, he urged people to keep shunning expensive habits social distancing had forced them to give up, like retail splurges, to save for a home.
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“Take the opportunity COVID-19 offers to take certain things out of your life,” Hooker said. “Look at the way your behaviour changed and pick two or three things to keep going once you go back to normal.”
And he’s putting his money where his mouth is, via Resimax’s Firstly program.
For every $1000 a Firstly participant saves towards a $10,000 or 5 per cent land deposit at a Resimax estate, the firm will contribute $100 to their build cost.
Steve Hooker is encouraging tenants to learn from COVID-19 to break free of the rental market.
Steve Hooker clearing 5.96m in the men’s pole vault final at the Beijing Olympics in 2008.
Resimax will then tip in a sum equal to participants’ weekly rent to accelerate savings for the 5 per cent build deposit.
The savings program is expected to take about 18 months.
To date, about 30 people have signed on. Two thirds of those applying have been first-home buyers, including essential workers and teachers.
The program is available at Resimax estates in Eynesbury, Mernda, Wallan, Wollert, Fraser Rise and Tarneit. Participants can opt out before they’ve paid their land deposit.
An example of the kinds of home on offer in Resimax’s Newbridge development in Wallan.
“It’s aimed at someone who is a tenant and has given up on homeownership,” Hooker said.
“We check in each month to make sure they are staying on track.”
Glenvill Developments also has a savings training program for first-home buyers.
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First-home buyers can get savings coaching to break into the market at the Papersmith Apartments at Glenvill’s YarraBend development.
Until the end of June, approved buyers for the Papersmith Apartments at the firm’s YarraBend redevelopment can purchase a one-bedroom apartment with a $5000 initial deposit, or two bedrooms for $10,000.
They are then paired with a savings coach to finish off a 5 per cent deposit over the next year.
Sales manager Sam Tucker said since May, more than 40 mostly young professionals had taken up the offer. Many hadn’t expected to buy before they turned 30.
“The majority have completed a university degree but are in their early 20s,” Mr Tucker said.
“They have decided it was an opportunity to get a foothold without the deposit already saved up.”
Those buying had also appreciated that the Papersmith Apartments would be home to YarraBend’s wellness centre, including indoor and outdoor pools, spas, yoga rooms and a high-end gym, he said.
A render showing one of the planned apartments.
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